commodities

Company in R303m transition deal

Johannesburg - Tharisa Minerals announced on Thursday that it had entered into a R303.3million deal to purchase a portion of mining fleet and transfer employees from its mining contractor in a bid to transition to an owner mining model.

Tharisa said it would purchase equipment, strategic components, site infrastructure and spare parts from MCC Contracts Proprietary.

The purchase consideration would be funded through a combination of a new bridge finance facility, OEM supplier finance, traditional banking facilities and available cash resources. About 900 on-site employees of MCC will be transferred to Tharisa.